Wheat is back to stronger trade on Monday morning, with contracts 7 to 13 cents higher. The wheat complex is in the red across the three exchanges on Friday. Chicago SRW contracts were fractionally to 1 ¼ cents lower on Friday, with September up 6 ¾ cents on the week. KC HRW futures posted losses of 1 ¾ to 6 cents on the session, with September holding onto a 2 cent gain for the week. MPLS spring wheat was down 2 ½ to 4 cents lower at the close, with September rallying 20 cents on the week.
CFTC’s weekly Commitment of Traders report showed managed money cutting back 4,916 contracts from their CBT wheat net short position in the week of 8/18 to a net short of 26,485 contracts. In KC wheat, they added back 7,173 contracts to their net long to 34,835 contracts.
